Nonprime auto lender FinBe USA this week entered into a subservicing agreement with Westlake Portfolio Management for notes under its sole asset-backed securitization transaction.
FinBe issued the $123.2 million subprime ABS deal in June 2025 and sought to grow its loan originations volume at the time. It stopped originating auto loans following its sale by Bepensa Capital to Generosity Lending Services at the end of 2025, Auto Finance News previously reported.
FinBe, formerly Credito Real USA, was acquired by Mexico City-based Bepensa Capital in 2023 and rebranded.
Bepensa announced in late December 2025 that it had sold FinBe to Generosity to focus resources on Mexico. FinBe Chief Executive Scot Seagrave has 25% ownership in Generosity Lending and Bepensa owned a 97.6% stake in FinBe before the sale, according to Kroll Bond Rating Agency, which rated the 2025 ABS deal.
Fort Lauderdale, Fla.-based FinBe will continue as the named servicer for the 2025 transaction, while Westlake Portfolio Management will perform servicing duties, according to an Aug. 3 KBRA news release.
“I believe the best way to maximize value for all of our stakeholders is to partner with a good, highly capable company like Westlake to act as a subservicer for our portfolio,” Seagrave told AFN. “I am confident they will continue to provide our customers with great service and provide our stakeholders with great results.”
Servicing of FinBe’s auto loans was transferred to Westlake effective Aug. 1, according to a notice on FinBe’s website.
Portfolio at $102M
FinBe serviced a portfolio of approximately 6,311 motor vehicle receivables with an aggregate outstanding principal balance of about $102.3 million as of May 31, according to a June 24 KBRA surveillance report.
KBRA also affirmed its ratings on two classes of notes and upgraded its rating on one class of notes issued from the 2025 deal’s collateral pool.
“Timely interest payments have been made to each of the outstanding notes through the July 2026 distribution date and credit support levels have increased since closing,” KBRA said in the release.
The loan pool’s cumulative net losses were 12.16% through June 24, above KBRA’s base case at 12 months of seasoning, according to the surveillance report. KBRA projects losses for the pool to reach 23.5%, up from an initial projection at closing of 21.24%.
FinBe’s auto ABS transaction in June 2025 was its first following its 2023 rebrand, according to CreditFlow, which monitors securities. In June 2025, KBRA withdrew its rating on Class C notes in Credito Real’s one ABS deal, issued in 2021, reflecting the lender’s decision to exercise its optional redemption of all outstanding notes, according to a release.
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